TD Ameritrade Holding Corporation (Nasdaq: AMTD) has seen some major volumes in its share trading today after its Chief Executive Officer (CEO), Fred Tomczyk, announced his decision to sell upwards of 100,000 shares of the company’s common stock, which amounts to $3.24 million, according to an AMTD statement.
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Mr. Tomczyk opted to sell the shares to help satisfy liquidity needs within his personal portfolio – his decision to offload 100,000 shares corresponds to less than 5.0% of his 2.1 million shares with the company however. Even with the move he will be exceeding TD Ameritrade’s share ownership guidelines, which are stipulated at 10-times his salary (base).
In addition, Mr. Tomczyk will be selling his 100,000 shares over a period of up to three weeks, which will take place between May 26, 2016 and June 15, 2016. The news did little to allay the concern of shareholders at the company however, as the stock (Nasdaq: AMTD) was trading firmly in positive territory to close at $32.40 during US trading Wednesday. In recent weeks the company stock has rebounded more than 10.0% from a monthly low of $28.06.